There are an average of 6 million auto accidents per year in the U.S.Average GAP exposures exceed $4,800.GAP coverage may be right for you if

o You have leased or financed a vehicle

o Your down payment was 20% or less.Protection Summary

If your vehicle is considered a total loss after an accident, the responsible insurance carrier may only pay the equivalent of the vehicles current value and not the full amount owed under your loan or lease. This gap between what the vehicle is worth and what is owed under your loan or lease becomes your financial responsibility, which could easily be several thousand dollars. Customers who purchase GAP are protected from increased financial risk because GAP pays the finance company or lessor the difference between the outstanding balance and the amount paid by the primary insurance carrier.

Covers up to $100,000* of the gap between your insurance settlement and your loan or lease balance.**

Covers up to $1,000 of your insurance deductible.

Protects your investment for the term of your loan or lease.

* Maximum benefit payable for RV or watercraft GAP is $50,000.

** The actual GAP agreement enumerates exclusions to GAP coverage. Some of these exclusions, like delinquent payments, extensions, deferred payments, past due amounts and late charges may decrease the gap amount that is waived. Amounts financed in excess of the GAP agreement terms will not be waived. A maximum claim amount may apply.

For example, if you owe $31,000 on the loan or lease of your vehicle and your insurance settlement value is $26,000 after your deductible of $1,000, you are left with a gap of $5,000 still owed on your vehicle.

The information and descriptions of products and services contained in this site are intended as general information and do not contain all of the terms, conditions and exclusions applicable to the products and services offered by Premier Dealer Services. The precise coverage afforded is subject to the terms and conditions of the policies as issued and may vary from the general descriptions in this site. Availability of the products and services described varies by state.

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